Starhill Reit to disburse S$4.4m more in rent rebates

Published Mon, May 18, 2020 · 01:31 PM

THE manager of Starhill Global Reit on Monday said that additional rental rebates of S$4.4 million will be disbursed in phases to its eligible retail and office tenants in Singapore, bringing the total amount of rental rebates that has been and will be disbursed to tenants to about S$18.1 million.

This includes the property tax rebates from the Singapore government.

Ho Sing, CEO of the manager, said: "In view of the extension of the circuit breaker measures to June 1, 2020, we have extended additional rental assistance to share the burden faced by our tenants. We will continue to work together with our tenants and the authorities to navigate through this difficult period."

Master retail leases in Singapore and Malaysia make up about a third of the Reit's revenue in Q3 FY19/20, while its office portfolio contributed another 14.8 per cent of revenue in the quarter.

Additionally, as at end-March 2020, the weighted average portfolio lease expiry by gross rent stood at 5.7 years.

Its units closed half a cent lower at S$0.455 on Monday.